The Federal High Court in Abuja has postponed its ruling on the bail applications of three detained promoters of the Crypto Bridge Exchange (CBEX) until June 30, following submissions by both prosecution and defence teams during Wednesday’s proceedings.
Justice Emeka Nwite fixed the new date after counsel to the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers concluded arguments on the bail applications for Adefowora Abiodun, Avwerosuo Otorudo, and Chukwuebuka Ehirim, who are the 1st, 5th, and 6th defendants in the case, respectively.
The EFCC had earlier secured a court order on April 24 authorising the arrest and detention of six CBEX operators over allegations linked to an investment fraud scheme. The anti-graft agency subsequently declared the six individuals wanted, stating that the fraud exceeded \$1 billion.
In addition to the three in custody, the other suspects are Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
The Commission, in its motion ex parte dated April 23, cited its statutory responsibility to investigate and prevent financial crimes, and argued that the defendants were initially at large, necessitating the issuance of a warrant to facilitate their arrest and enable full investigation and possible prosecution.
Following the public declaration, Abiodun, Otorudo, and Ehirim voluntarily surrendered to the EFCC and have since remained in custody.
According to the EFCC, the suspects, through their firm ST Technologies International Limited, allegedly used the CBEX platform to solicit investments by promising returns of up to 100 per cent.
Victims were persuaded to convert their digital assets into the stablecoin USDT, which was then transferred into cryptocurrency wallets controlled by the suspects.
The EFCC alleged that the platform stopped functioning after accumulating deposits in excess of \$1 billion, locking out investors who could no longer access or withdraw their funds. Investigations revealed that while ST Technologies was registered with the Corporate Affairs Commission, it lacked authorisation from the Securities and Exchange Commission to engage in investment-related activities.
During the bail hearing, Babatunde Busari, counsel to the 1st defendant, Adefowora Abiodun, urged the court to grant bail, noting that his client had voluntarily submitted to the EFCC and had been held without charge beyond the constitutionally permitted period.
“The constitution and the Administration of Criminal Justice Act safeguard the liberty of every suspect,” Busari said, arguing that Abiodun’s continued detention was a violation of his rights.
Lawyers for Otorudo and Ehirim made similar submissions, stressing their clients’ willingness to comply with all investigative processes and appear for trial.
In her response, EFCC prosecutor Fadila Yusuf opposed the bail applications, stating that formal charges had been filed and included allegations of defrauding the public of sums greater than the annual budgets of several Nigerian states.
She told the court that the EFCC continued to receive petitions from victims of the alleged fraud and emphasised the seriousness of the offences.
Justice Nwite adjourned the matter to June 30 for ruling on the bail applications.
